Business

Stock futures fall as record rally cools

U.S. stock futures fell Friday, signaling a retreat from all-time highs as unrest in Europe rattled nerves and Elon Musk's pay victory put Tesla (TSLA) at the center of the scene.

Dow Jones Industrial Average futures (YM=F) fell about 0.7% to lead the decline, while S&P 500 futures (ES=F) lost 0.5%. . Contracts on the tech-heavy Nasdaq 100 (NQ=F) were about 0.2% lower.

Stocks are losing steam after the benchmark S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) hit closing records for the fourth straight day, boosted by strength in tech. An unexpected slowdown in wholesale price pressures gave investors courage betting on two interest rate cuts this year, as the decline is expected to be reflected in the next PCE inflation figure monitored by the Federal Reserve.

Learn more: How does the labor market affect inflation?

But the Fed this week reduced its rate cut forecast from three to one in 2024, leaving the market in uncertainty and leaving stocks vulnerable to changes in sentiment. Tech strength drove broader gains, helping the S&P 500 and Nasdaq notch weekly gains, for now, at least. But the Dow faces a loss for the week as questions linger about the extent of this year's rally.

Meanwhile, Tesla shares rose about 1% in Friday's premarket after shareholders reapproved CEO Elon Musk's $56 billion pay package. Despite opposition from some large investors, 77% of votes were cast in favor, the electric vehicle maker said.

The fall in European stocks (^STOXX), which were heading for their worst week since October, did not help morale. Investors are worried about the consequences for the markets if the far right makes gains, or even wins the snap elections in France.

Another dose of worry came from the Bank of Japan's decision not to give details of its bond-buying cuts until July, a surprise move interpreted as delaying a rate hike.

In the personal moving sector, shares of Adobe (ADBE) jumped 15% after an optimistic projection of AI sales from maker Photoshop.

Sources

1/ https://Google.com/

2/ https://finance.yahoo.com/news/stock-market-today-stock-futures-tumble-as-record-setting-rally-cools-115820035.html

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